Fitch affirms rating on FBN Holdings, First Bank



Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of FBN Holdings Plc (FBNH) and its subsidiary, First Bank of Nigeria Ltd (FBN), at ‘B-’ with a Negative Outlook. In a statement announcing this decision, the global rating agency said: “The affirmation reflects our view that the impact of the Central Bank of Nigeria’s (CBN) replacement of FBNH and FBN’s boards, the identification of corporate governance failings and the imposition of corrective measures are tolerable at the rating level. “On 29 April 2021, the CBN removed the non-executive directors on the boards of FBNH and FBN -a domestic systemically important bank- and replaced them with its own appointees.    

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